Investment Advisor

Drake Capital Management, LLC (referred to as "Drake" or the "Advisor" in this section) serves as the investment manager for the Funds. Subject to the supervision and control of the Board of Trustees (the "Board") of The Drake Funds Trust (the "Trust"), Drake is responsible for managing the investment activities of the Funds and their business affairs. In addition, Drake coordinates the services of each vendor of the Funds, provides the Funds with certain compliance services and makes available the office space, equipment, personnel and facilities required to provide services to the Funds. Organized in 2001, Drake provides investment management and advisory services to substantial investors worldwide. As of April 30, 2005, Drake managed over $3.0 billion in assets. Drake's principal office is located at 660 Madison Avenue, New York, NY 10021.

Drake is a registered investment advisor, subject to oversight by the U.S. Securities & Exchange Commission ("SEC"). Drake is also a registered Commodity Pool Operator and Commodity Trading Advisor, subject to regulatory oversight by the Commodity Futures Trading Commission and the National Futures Association.

For more information and an overview of Drake and its investment philosophy, please go to www.drakemanagement.com.